“Harborly’s goal is to make buying, selling and using digital currency as easy and attractive as possible,” Black, who is also the company’s CEO, told Bitcoin Magazine. “We’ve entered the U.S. market with a new, competitive alternative in the bitcoin retail space. As we secure a foothold and gain market share, we plan to launch additional innovative Bitcoin products, such as locked Bitcoin wallets.”
The startup claims to have a close relationship with its U.S. banking partner, but said it was not at liberty to reveal which bank that is.
“Bitcoin’s core architecture is innately borderless, but, generally speaking, it’s impractical to use in most regions across the globe. Digital currency is in a unique position right now where its success is dependent on cooperation with the current financial system, and this cooperation is shaky at best,” said Black.
Harborly, which plans on launching in the central Asian country in August, will create a remittance service from the United States to India, a nearly $12 billion remittance corridor. The startup will be the first company to offer a bitcoin remittance product between the two countries. Harborly will also operate its Bitcoin retail and price-locking service in the country.
A Global Bitcoin Company
The young startup hopes to accomplish its ambitious global vision with regional advisers who will help Harborly find banking partners and adjust its business model for each region. The advisers include AlemHealth founder Aschkan Abdul-Malek, KCP Capital Managing Director Roderik van der Graaf; Afrasia Development Corp. Chairman Pierre Gussing, ex-Deutsche Bank executive Jordan Himel and Tauil & Chequer Advogados Rio de Janeiro partner Salim Saud Neto.
“We understand this and have aligned our vision accordingly,” Black added. “First, Harborly is going to continue bridging the gap between local payment methods and the bitcoin markets. And second, we’re going to continue developing products and solutions that push past this status quo, enabling bitcoin to prosper in its own right.”
The Bitcoin retailer recently raised a small seed round from undisclosed angel investors. The funds raised will give the company capital to act as market marker, grow its operations in the United States and expand upon its business development efforts in India – a country the startup is keen on expanding to. Black said the company is in talks with several payment providers in India, so when launched, Indians will have many payment options.
Harborly, founded by computer programmers Connor Black and Gabriel Ferrin, will charge a one percent fee plus a 25-cent bank fee for bitcoin purchases. At launch, the retailer will be accessible to residents of Texas and California, but the startup plans on expanding to nine additional states in upcoming months.
Texas-based startup Harborly launched its Bitcoin retail service in the United States today. Harborly, which was already operational in Canada, will be the first U.S. bitcoin-buying service to offer users the ability to lock their bitcoin to a fixed U.S. dollar exchange rate when it launches the feature in June.
Harborly is focused on operating internationally and plans to expand to countries in Europe, Asia, Africa and Latin America within a year. The startup thinks Bitcoin will cause a “technology paradigm shift” in the next 10 years and that by operating a global Bitcoin company they will be best positioned to take advantage of the new technology.
PlexCoin Founder Gets Jail Time, Fine on Contempt Charge
U.S. and Canadian authorities appear determined to make an example of a recent initial coin offering.
On Friday, a Canadian court ordered a two-month jail sentence against PlexCoin creator Dominic
'Bitcoin Jesus' is 'really, really concerned' about the future of the digital currency
An early bitcoin investor said Monday the digital currency can run higher, but the hype has far outpaced its usability. "I think in the short run it can run up a lot more," Roger Ver, CEO of
Bitcoin has aspects of a bubble, but it's OK to 'play' with it: Economist Robert Shiller
Bitcoin has "aspects of a bubble" but it's almost impossible to know whether it's gone too far, Nobel-winning economist Robert Shiller told CNBC on Monday. Bitcoin has been on a wild ride
Futures Launch Puts Record Bitcoin Highs Back in Play – Yahoo Finance
Digital currency bitcoin begins trading on major exchange for first time in Chicago WLS-TVBitcoin Futures Started So Hot That Trading Had to Be Halted Twice FortuneBusiness Insider Â âCNNMoney Â â
Understanding Futures: A Primer for Bitcoiners
Lanre Sarumi is the CEO of Level Trading Field, an interactive online platform for professionals in the finance industry.
"Study the past if you would define the future." – Confucius
Bitcoin Price Back Above $17k to Set New All-Time High
The price of bitcoin has pushed back above $17,000, hitting a new all-time high on CoinDesk's Bitcoin Price Index (BPI).
As of press time, the BPI had climbed as high as $17,382.64, beating the $17
People are taking out mortgages to buy bitcoin, says securities regulator
Bitcoin is in the "mania" phase, with some people even borrowing money to get in on the action, securities regulator Joseph Borg told CNBC on Monday. "We've seen mortgages being taken out to buy
Two Firms File Bitcoin ETF Applications in Wake of CBOE Futures Launch
Two exchange-traded fund (ETF) providers have filed with the U.S. Securities and Exchange Commission (SEC) to create Bitcoin ETF products that trade in cryptocurrency derivatives.
According to the